Events

What open banking did next: Building the foundations for open innovation  

29 October 2025

Open Banking Limited’s Chair and Trustee Marion King delivered a keynote at the Open Banking Expo 2025, emphasizing open banking’s evolution from a regulatory fix to a driver of innovation that fosters a fairer and more prosperous tech-centric economy. The speech highlighted the importance of collective effort, standards, and partnerships to unlock the full potential of open banking and related smart data initiatives.

“My business would not exist today without open banking.”

This is a quote I’ve heard many times, including from a multinational, multibillion pound UK company.  

Open banking is the spark: it’s transforming businesses from start-up to scale-up to established market players.  

What all of you in this room are helping to achieve is making a real difference, and as the Trustee of Open Banking Limited, I see that our industry is eager to work together to deliver still more.  

Together we are stronger.   

And this is the crux of my speech today, I want to leave you with one message: 

The time is now. But we must forge forward, in unison and at pace.  

We are all laying the foundations now for an innovation-led, tech-centric economy that is fairer, and more prosperous.  

How we get there, and how fast?  Well, that’s something we need to collectively work together to achieve.  

Technology does not stand still, and nor should we.   

Open banking was born out of a competition remedy. It was a fix for a particular issue.  

But we’ve moved from remedy to revolution – from fixing problems to unlocking potential.  

Can you believe, with the innovative use cases we see today that account switching was one of the main things we were here to solve?   

But we’re seeing now that we’re a driver of rapid innovation, with a market that has a constant eye to the future.   

Things like cloud accounting, financial management, financial literacy, better loans for those who need it.  

They’re all only possible because we’ve taken this technology and we’ve run with it.   

But technology moves far faster than legislation and regulation.   

We need to move forward – in unison – to unleash its full potential.  

We often talk about open banking in technical terms like APIs, standards, trust frameworks. And we can get bogged down in the small details. And so we should – there is a place for that.  

But we must not lose sight of the why.   

These safe, standards-led environments mean that pioneers are free to innovate on a level playing field and that’s yielding direct benefits.   

As behind every API is a person – someone gaining access, insight, or opportunity they didn’t have before.  

We’re now seeing over 15million user connections and over 30million payments a month.   

These figures are climbing year-on-year.  

Since last year’s Expo, user connections have grown by 40 per cent and a 50 per cent growth in payments.  

And that means greater access, better insight, and more opportunity.   

Government initiatives  

The adoption of open banking within government has been a real endorsement.  

Now, I know no one enjoys paying taxes!   

But right now, you can use open banking to pay your taxes with HMRC.  

With open banking making it a less painful experience than it once was (at least slightly!)  

Millions of pounds of payments are being made direct from bank accounts, with prepopulated fields and lower risk of error or fraud.  

This is a step not only easing the strain on taxpayers through convenience and security, but it’s helping HMRC lower costs and reach settlement sooner.  

And further endorsement of the open banking model is the passage of the Data Act earlier this year. 

Seeking to not only progress the journey of open banking, but bring forward open energy, open property, open finance and open telecoms.  

All made possible because people believe in the power of open banking.  

Because people have seen the progress we’ve made over the last seven years.  

Progress and foundations that we should ensure we reuse wherever we can.   

Not least because it saves time and investment, and minimises risk, but just as importantly it also means that cross-sectoral use cases can be brought forward  

Built on interoperable standards and technology.  

The passage of the Data Act was a signal that the government believes in us and that our industry is working and delivering. 

And the government is saying: “more of that, please”!  

And as this ecosystem expands and other smart data schemes develop – interoperability between them matters.  

Fragmentation risks slowing innovation.   

But clear standards, a level playing field, coordinated incentives – these things will all determine the success of a smart data economy.  

OBL as a standard setter  

Our industry has benefited from having a centralised body at the helm, to convene and enable.  

Open Banking Limited has, and will continue to, serve this role.  

Over the last seven years, OBL has developed, implemented and monitored technical standards.  

We have maintained a trust framework.   

And the FCA envisages that the Future Entity will build on this and be the primary standard setting body for open banking.  

I mentioned earlier the need for consistent implementation of standards.  

The importance of standards can’t be overstated.  

Standards are not just technical artefacts- they are the scaffolding of trust.  

They provide a consistent, level playing field that enables innovation, not hinders it.   

A standard provides certainty and promotes trust.  

The UK should be the gold standard of open innovation… An example of best practice.  

And it’s important to define what ‘good’ looks like in this next stage, and the long term vision for open banking:  

For government and regulators it’s an opportunity to bring about economic growth and better outcomes for citizens.  

For banks it’s an opportunity to capitalise on their investment in open banking and reap further reward.  

For TPPs it’s an opportunity to innovate and offer a broader range of products.  

Ecosystem partnership  

Because our work at OBL has always been a partnership with others.   

And this is demonstrated by our work in commercial variable recurring payments.  

We have been instrumental in convening the first industry-led commercial scheme.   

One that takes into account the views and aims of all organisations, big and small.  

We’ve had success in cVRP and indeed across open banking more broadly because of the willingness of the ecosystem to seize the opportunities before it.   

We’re proving the model that industry can deliver schemes with regulatory steer. 

And that is a strong indication for the Future Entity.   

We can go further, with the right regulation and legislation in place, and strong leadership at the centre to drive it forward.  

Future Entity  

Open Banking Limited has been a centre of gravity for seven years.  

We’ve got experience of mandated activities of industry-led commercial schemes and of regulatory underpinned initiatives.   

We have a proven track delivery as a neutral, trusted convenor.  

And I know firsthand the skill set we have to keep delivering.   

Industry is coalescing on what the Future Entity should look like. And alongside a Long-Term Regulatory Framework.  

We will have a fairer and more equitable funding model with balanced incentives for all participants.  

It’s a shift from competition remedy to enabler of innovation.  

It’s a shift from regulatory nudge to industry leadership.   

It’s for industry to identify the use cases and opportunities. Working with regulators and government when needed.  

Open banking has operated within a tight scope, this has been helpful in driving forward with clear intention.  

But the Long Term Regulatory Framework allows us to break free of this – to seize opportunities both commercial, voluntary schemes, or those mandated.  

Over the last seven years there have been lessons to be learned and that is to be expected as the world leader with no other country to copy.   

And we want to ensure these lessons – as well as the things that have gone well and expertise we’ve developed – are taken into account as we collectively design the LTRF and Future Entity.  

But what’s clear is that the industry will have a strong role to play.  

Open finance  

And we also know that things don’t happen without a particular push, steer, or sometimes a mandate.  

And this can be said of open finance.   

There are levers that can be pulled to make progress on open finance now – even before the LTRF is in place – and for industry to take the lead.  

We’re looking forward to seeing the FCA’s Open Finance Roadmap next year, which will provide further steer.   

And we welcome the FCA’s Smart Data Sprint – a stable sandbox in which to test safe data sharing.  

But I want to stress that, above all, our collective work on this matters.  

It matters because it will better society as a whole.  

We’ll see use cases come into fruition that will bring real benefits to real people.   

And an example of this? 

We know that the housing market in the UK is sticky.  

Recent political announcements on stamp duty have brought this topic back in the limelight. 

Because a more flexible housing market can stimulate much needed economic growth.  

But how can we as an industry help?  

Well, there’s something our industry can do to ease the homebuying process, in the absence of political budgetary changes. 

Open mortgages are an area where we can make significant ground in relatively short time.  

Richer data sets could be used by mortgage providers and credit reference agencies to shorten the mortgage application process and provide greater success.   

By utilising existing standards and frameworks, we could incorporate expanded data sets to make this a reality.    

Portable digital ID would further simplify a process which remains heavily dependent on physical documents.  

Digital Verification  

In fact, we’re cognisant of the need for all smart data schemes to interact with wider initiatives such as digital verification.  

If done right, it will be a symbiotic relationship.   

With digital ID driving adoption of smart data schemes and smart data schemes driving adoption of digital ID.   

We have a chance to get digital ID right – and doing so will unlock trust, adoption, and real-world impact.  

There are so many examples – globally – of where it’s already working.   

Bank ID in Sweden has 99 per cent adoption amongst adults – Estonia – over 90 per cent.   

How can we replicate this here in the UK?  

We must make clear the benefits of digital verification.  

Because it makes life easier.  

It’s already allowing people to prove themselves online particularly after the enactment of the Online Safety Act.   

Instead of carrying physical documents, which are at risk of loss or left, you can prove your identity on your smartphone, sharing only the attributes needed for that particular purpose.  

Digital ID will be a thread throughout smart data schemes.   

Because technologies like Digital ID and AI are not endpoints – they are accelerators of inclusion, efficiency, and growth.  

Allowing you to port your ID between third parties and putting an end to the arduous paper trail that comes with dealing with multiple entities.  

If we want the UK to maintain its crown as the gold standard and a world leader – first in open banking and now in other smart data initiatives –  we must get digital verification right.  

We will soon be publishing our thoughts on how to develop a digital verification scheme, with principles that we think any viable model needs to follow.   

And I hope it will contribute to a constructive debate on what comes next.  

AI  

The same applies to AI.   

The reality is that businesses are already using AI to streamline services or provide smarter customer service, based on insights and utilising open banking data.   

It could personalise financial advice based on actual transaction history, nudging people toward better financial decisions.  

This is one of many ways where open banking, in synergy with AI, can play a role in financial inclusion.   

But we’re only at the tip of the iceberg on what this incredible technology can do.  

Open banking and AI together can redefine financial inclusion – making smarter services accessible to more people  

The beauty of open banking technology is that its forward looking – its nimble and it can withstand changes.  

If you’ll excuse the plug, OBL have recently launched a green paper on how the open banking standard currently interacts with AI – but crucially- what changes should we make to further optimise its use?  

We know from open banking the true power of rich, reliable data sets.   

The same will be true of AI – its power and impact will rely on the quality of data that feeds it.   

Wrap up 

At the heart of all this – from open banking to open finance, from smart data to digital ID and AI – we are united by a common purpose:  

To give people the opportunity to use their data to their benefit.  
That’s what we’re all here for.  
But we’re also clear-eyed about the challenges ahead.  
How do we transition to a Future Entity?  
What will a future funding model look like?  
How do we kickstart open finance?  
How do we make digital ID ubiquitous and trusted?  
These are not straightforward questions.  
There is no silver bullet.  
But if we continue to work together – move forward in unison – we will lay down a lasting legacy.  
A legacy that works for all participants, but most importantly, works for those we serve.  
We’ve moved from remedy to revolution – from fixing problems to unlocking potential.  
At Open Banking Limited, we set the standard for open innovation.  
That means designing, governing and evolving the infrastructure to let innovation thrive.  
It means enabling openness – not just in data, but in driving collaboration, transparency, and ambition.  
And it means shaping the future – for an inclusive and trusted data economy for all. 
The UK led the world in open banking – now it must lead in open everything.  
Let’s seize this moment.  
Let’s build a future that is open, inclusive and impactful – together. 

Location: Open Banking Expo 2025, London 

Delivered on 22 October 2025 (original script may differ from delivered version.)